If you are a homebuyer mortgage refinancing a poor credit rating you may be concerned how your credit score will impact your loan. Homebuyers with poor credit qualify for higher interest rates mortgage refinancing pay higher fees; however, if you spend some time cleaning up your credit and research mortgage lenders you can still qualify for a competitive mortgage loan. Here are several tips to help you clean up your finances and find the best deal for your mortgage.
There are many options for homebuyers with poor credit that simply did not exist ten years ago. The Internet is an excellent tool for locating and comparing mortgage offers. Online mortgage lenders, particularly those that specialize in bad credit lending, are often more flexible in their lending than traditional mortgage lenders. Bad credit mortgage lenders are also called sub-prime mortgage lenders; these specialty lenders cater to homebuyers with poor credit for a premium finance charge.
Find a Government Program
If you qualify for assistance from a government homebuyer program you will save yourself a lot of money. The FHA and VA have homebuyer programs that can help you qualify for a mortgage despite your credit. The Federal Housing Administration (FHA) guarantees mortgages for low income individuals and the Veterans Administration (VA) guarantees mortgages for veterans. If you qualify for one of these programs your interest rate will be significantly lower than if you take out a bad credit mortgage.
Accept Higher Interest Rates and Fees
If qualifying for a government program is not an option for you, qualifying for a mortgage from a bad credit lender may be your only option. Depending on the severity of your credit problems, a mortgage broker could be the best way to find a lender willing to work with you. It is important that you compare offers from a variety of mortgage lenders to find the best loan for your financial situation. You can learn more about your bad credit mortgage options by registering for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid common mortgage mistakes and predatory lenders. For a free copy of "Mortgage Refinancing: What You Need to Know," which teaches strategies to find the best mortgage and save thousands of dollars in the process, visit Refiadvisor.com.
Claim your free guidebook today at: http://www.refiadvisor.com
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